Opportunity to furnish unsecured-loan confirmations is required before reassessment initiation; proceedings require fresh consideration after taxpayer...
Under-reporting on a first reassessment return attracts penalty, while enhanced misreporting penalty requires proof of a statutory misreporting catego...
The ITAT upheld the disallowance of deduction under Section 80IB(10) for the relevant assessment year, rejecting the assessee's contention that the allowability determined for a prior year should apply by res judicata. The Tribunal affirmed that principles of res judicata do not apply across different assessment years, as each year is a separate unit of assessment subject to independent scrutiny. The assessee's claim based on a purported timely completion certificate was found to be incorrect, and since the certificate was issued beyond the prescribed completion period, the deduction was rightly denied. The decision of the CIT(Appeals) was confirmed, and the appeal was dismissed.
The ITAT upheld the disallowance of deduction under Section 80IB(10) for the relevant assessment year, rejecting the assessee's contention that the allowability determined for a prior year should apply by res judicata. The Tribunal affirmed that principles of res judicata do not apply across different assessment years, as each year is a separate unit of assessment subject to independent scrutiny. The assessee's claim based on a purported timely completion certificate was found to be incorrect, and since the certificate was issued beyond the prescribed completion period, the deduction was rightly denied. The decision of the CIT(Appeals) was confirmed, and the appeal was dismissed.
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TaxTMI 
TaxTMI 
of 4915 
